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Elysium Noosa acquired by AVJennings


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23 November 2010: Deloitte partners, John Greig and Chris Campbell, Receivers & Managers of Elysium Noosa Pty Ltd, are pleased to announce the successful sale of Elysium Noosa.

Listed developer, AVJennings Properties Ltd is the successful buyer of the 27ha residential community consisting of 158 proposed and existing residential lots.

The site, known as Elysium Noosa also includes 16 houses designed by some of Australia’s best known architects. An Elysium home designed by Sunshine Coast architect Gabriel Poole won the HIA Home of the Year in 2007.

Chief Executive of AVJennings, Peter Summers said: “Elysium Noosa is an outstanding, internationally recognised location. This is a great opportunity for AVJennings to demonstrate our strong marketing and sales abilities with the capacity to deliver high quality housing and community outcomes.”

AVJennings intends to work closely with the local community and the Sunshine Coast Regional Council to ensure the project we deliver reflects the needs of today's buyers and the needs of the community generally.”

AVJennings, a listed company on the ASX, has been operating in Queensland since the 1960s and has delivered a number of outstanding, award winning projects including Central Parklands at Mount Ommaney and Creekwood at Caloundra.

“AVJennings is confident that Elysium Noosa will be another project demonstrating the Company's commitment to creating desirable places to live,” concluded Mr Summers.

Deloitte partner and Joint Receiver & Manager, John Greig said: “This is the second high profile Noosa based property asset that we have exchanged on recently, following the recent acquisition of Noosa Sanctuary by RACV.”

“In both cases we worked closely with CapLand Real Estate Advisers and CBRE who were successful in generating significant competitive tension to ensure the best possible outcome for creditors.”

“Our approach is to invest time and resources to identify all potential impediments of the assets and mitigate them before going to market. This process has proven to be extremely successful in maximising value in the current market as it limits the purchaser’s opportunities to discount the prices being offered. We are able to understand the risks a purchaser may identify and any associated negative impact on value and take the appropriate steps to address them, before going to market putting us in a far stronger position for any resulting negotiations.”

AVJennings purchased Elysium Noosa after a successful sales and marketing campaign by Damian Winterburn and James Walsh of CapLand Real Estate Advisors and Rem Rafter and Darrel Innes of CB Richard Ellis (CBRE).

Damian Winterburn said: “Given the limited future supply of residential land subdivision sites in the Noosa region the sales campaign drew a considerable amount of inquiry from public and private development companies as well as wealthy individuals. In the end we had more than 100 inquiries and put forward 15 formal offers to the Receivers & Managers.”

Elysium Noosa is located on Noosa Springs Drive adjacent to the Noosa Springs Golf Course. The development comprises 27ha of residential community title land that is partially developed and includes public access conservation, recreation amenities and parklands.

The development company, Elysium Noosa Pty Ltd (Receivers and Managers Appointed)( In Liquidation) and its parent entity, N. R. Nominees Pty Ltd (Receivers & Mangers Appointed), were placed under the control of the Receivers on 23 September 2009.

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Contacts

Name:
Johnny Sollitt-Davis
Company:
Deloitte Australia
Job Title:
Corporate Affairs & Communications
Phone:
Tel: +61 2 9322 7256, Mobile: 0431 134 850
Email
jsollittdavis@deloitte.com.au
Name:
John Greig
Company:
Deloitte Australia
Job Title:
Queensland Managing Partner
Phone:
Tel. +61 (0) 7 3308 7162; Mobile: 0416 084 882
Email
jgreig@deloitte.com.au

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